Asset management firm Hashdex has unveiled a new advertisement amid the US Securities and Exchange Commission’s (SEC) evaluation of applications for the listing of spot Bitcoin (BTC) tickers on US exchanges for exchange-traded funds (ETFs).
The advertisement, shared on December 28 on X (formerly Twitter), features an interview setting from the 1980s, where the subject critiques the use of home computers for everyday tasks, drawing a parallel to the skepticism around emerging technologies. Besides, the release comes at a pivotal moment as the SEC weighs its decision on Bitcoin ETF applications.
“Understanding disruptive innovation takes time,” said the ad spot. “Bitcoin’s time has arrived.”
— Hashdex (@hashdex) December 28, 2023
Advertising Wars for Bitcoin ETF Heats Up
In the competition for the inaugural SEC-approved spot Bitcoin ETF, asset managers, including Hashdex and Bitwise Asset Management, are stepping up their promotional efforts with engaging ad campaigns. Hashdex’s recent advertisement also joins Bitwise’s media campaign featuring actor Jonathan Goldsmith reviving his “Most Interesting Man in the World” persona to advocate for Bitcoin.
With pending BTC exchange-traded product applications, these ad releases aim to generate public interest ahead of potential approvals. While the SEC has yet to greenlight a spot BTC or Ether ETF for US listing, the anticipation grows, and some experts speculate the possibility of multiple approvals in January, despite the commission’s previous approval of investment vehicles tied to crypto futures.
Responding to Hashdex’s spot, Bloomberg ETF analyst Eric Balchunas said:
“This is a great ad. Every Boomer remembers feeling exactly this way about computers/internet.”
VanEck Isn’t Interested in Promotions
While Hashdex and Bitwise have generated excitement with their promotional campaigns, investment giant VanEck is adopting a distinct strategy. In response to queries about its advertising plans, the company conveyed through its social media account that it prefers to focus on acquiring and holding more BTC instead of allocating funds to expensive ad campaigns.
In another development, on December 28, 2023, Ark Invest and 21Shares submitted the fifth amendment to the form S-1, raising expectations for the approval of a spot Bitcoin ETF in the financial markets. The recent amendment primarily focuses on alterations to the terms governing authorized participants. Eric Balchunas, senior ETF Analyst at Bloomberg, suggests the possibility of another amendment before the anticipated launch of the Ark 21Shares Bitcoin ETF.
